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\\//\\//\\//\\//\\//\\//\\//\\//\\//\\//\\//\\//\\//\\//\\//\\//\\//\\// SKINFLINT PHILOSOPHY Last of 7 parts WHAT ABOUT ADDITIONAL COLLEGE LOANS TO PODIATRY STUDENTS? APMA and people who work for the podiatry colleges may not be particularly happy or pleased with this article. They will ask: "What happens if government stops giving podiatrists loans?" Under the new circumstances of medical care, government SHOULD stop allowing large loans to pod students starting out in the schools. In 1965, when I started podiatry school, the loans (and costs) were very modest by comparison. Despite that, I had a difficult time and lived in poverty for almost 4 years after finishing my residency. I simply cannot imagine what it would be like to be saddled by a huge college loan. In contrast, my son-in-law (age 31) graduated 5 years ago from a state college as a laser optics engineer. Presently he is employed as a manufacturing engineer. His school loan is now less than $3,000. He could pay it back today, but likes the "low interest rate." Together with my daughter (who is also an engineer), they have a net worth that many podiatrists may never achieve. This was not a "stock option" lottery. The company he works for has not even gone public. They already own an investment condominium close to the new Cisco plant that will be employing over 20,000 people. Podiatrists without surgical training have been trapped into a locked space. It has been my goal to try to teach you and your family how to get out of that box. In future articles, if there is a demand, I will present ideas how you can maximize your office income without increasing your debt. There are some excellent practice management books available now in podiatry. Borrow one from a friend. That would be a good place to start. Should you and your family live the "Skinflint" life? That's for you and your spouse to decide. But until and unless government steps in to help, by at least making college loan paybacks tax deductible, that seems your best option. At first you will resent it. But later it becomes a valuable lesson to learn and teach your youngsters. It can be looked upon as an exciting challenge. I suggest a three year trial period.
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